Tesla's stock plummets as production outlook and earnings disappoint
Wells Fargo has lowered its price target for Tesla from $260 to $250 due to a reduced production outlook. Concerns were raised over Tesla's decreasing prices and profits, as well as uncertainty surrounding the company's plans for Gigafactory Mexico. Other analysts, including Wedbush and Morgan Stanley, also reduced their price targets for Tesla. During Tesla's Q3 2023 earnings call, questions were raised about the impact of delaying the Mexico plant and the company's ability to achieve its delivery targets. Elon Musk confirmed plans for a Gigafactory in Mexico but expressed concerns over timing and affordability.
